What Debt Solutions Do You Have Available?
- Date: 2010-08-24 - Word Count: 317
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For people who find themselves in a difficult financial situation there are a number of debt solutions available to them. However, different people will be more suited to different methods due to their personal and financial situations. What can be the perfect way out for one person may end up being the worst possible for another. We have given you a brief overview of some of the most common ways that people can start to rid themselves of their money troubles.
Bankruptcy.
This can be the only option for some people and it does clear all of your debts but it will also be a mill stone around your neck for a considerable time afterwards. Declaring yourself bankrupt may affect your career as the data is made public and you will also struggle to get any form of credit during the time.
IVA Agreement.
An Individual Voluntary Arrangement can be a better option for a lot of people due to the stigma that is attached to going bankrupt. This involves an insolvency practitioner assessing your situation and coming up with a monthly payment plan. You will end up paying one lump sum each month and will be out of your troubles within 5 years.
Informal Arrangement.
This will involve you contacting your creditors to try and arrange a monthly payment yourself. The problem with this is that it is not legally binding so may the creditors are not obliged to stick to the terms.
Consolidation Loan.
Taking out a loan so that you can pay off all of your debts and then just pay back the loan can help if you have a number of creditors. However, you will end up accruing interest on this so it is not always going to be a good option.
Before you decide on any type of debt solutions you should always speak to a professional to see what may be the best course of action for your particular situation.
Bankruptcy.
This can be the only option for some people and it does clear all of your debts but it will also be a mill stone around your neck for a considerable time afterwards. Declaring yourself bankrupt may affect your career as the data is made public and you will also struggle to get any form of credit during the time.
IVA Agreement.
An Individual Voluntary Arrangement can be a better option for a lot of people due to the stigma that is attached to going bankrupt. This involves an insolvency practitioner assessing your situation and coming up with a monthly payment plan. You will end up paying one lump sum each month and will be out of your troubles within 5 years.
Informal Arrangement.
This will involve you contacting your creditors to try and arrange a monthly payment yourself. The problem with this is that it is not legally binding so may the creditors are not obliged to stick to the terms.
Consolidation Loan.
Taking out a loan so that you can pay off all of your debts and then just pay back the loan can help if you have a number of creditors. However, you will end up accruing interest on this so it is not always going to be a good option.
Before you decide on any type of debt solutions you should always speak to a professional to see what may be the best course of action for your particular situation.
Related Tags: debt solutions, financial help, money problems, iva agreement
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